SAIC MOTOR : Annual Report 2025

Company Code: 600104 Abbreviation of the Company: SAIC Motor SAIC Motor Corporation Limited Annual Report 2025 Important Note

1. Board of Directors (the "Board"), directors, and senior management of the Company certify that this report does not contain any false or misleading statements or material omissions and are jointly and severally liable for the authenticity, accuracy and integrity of the content.
2. All directors of the Company attended Board meetings.
3. PricewaterhouseCoopers Zhong Tian LLP issued a standard and unqualified auditors' report to the Company
4. Mr. Wang Xiao Qiu, Chairman of the Board, Mr. Wei Yong, the chief financial officer and Ms. Xie Wei, head of Accounting Department certify the authenticity, accuracy and integrity of the financial reports contained in the Annual Report of the current year
5. Profit distribution plan or plan for converting reserve into share capital resolved by the Board for the reporting period

   On the basis of the total share capital of 11,495,277,504 shares minus 70,388,293 shares in the Company's special account for share repurchase as at the disclosure date of this report, that is, 11,424,889,211 shares, the Company plans to distribute cash dividends of RMB 2.66 (inclusive of tax) per 10 shares, totaling RMB 3,039,020,530.13. No capital reserve was converted into share capital. If, during the period between the disclosure date of this report and the registration date of the equity allocation, the number of shares on the basis of which the Company is entitled to distribute profits changes due to situations such as share repurchase, the total amount of the profit distribution remains unchanged and the proportion allocated per share is adjusted accordingly.

   Details regarding the parent company's accumulated losses and their impact on matters such as the Company's dividend distribution as at the end of the reporting period

   □Applicable √N/A
6. Risk statement of forward-looking description

   √Applicable □N/A

   Forward-looking description in this report, such as future plans and development strategies, does not constitute any substantive commitment of the Company to investors. Investors are hereby reminded of investment risks.

7. Does the situation exist where the controlling shareholders and other related parties occupy the funds of the Company for non-operational use?

   No

8. Does the situation exist where the external guarantee is provided which is not in compliance with the required decision-making procedures?

   No

9. Are over 1/2 of directors not able to ensure the authenticity, accuracy and integrity of the Annual Report disclosed by the Company?

   No

10. Significant risk alert

    There are no significant risks which have substantive effects on the Company's production and operation during the reporting period. The Company has described the possible risks that the Company may be exposed to in the process of production and operation in this report. Please refer to "Possible Risks" in Section III Management Discussion and Analysis.

11. Others

□Applicable √N/A

Contents

Section I Definition 4

Section II General Information and Major Financial Indicators of the Company 4

Section III Management Discussion and Analysis 8

Section IV Corporate Governance, Environmental and Social Responsibility 34 Section V Important Events 56 Section VI Changes in Shares and Shareholders 68 Section VII Bonds 72 Section VIII Financial Statements 73

List of Documents Available for Inspection	Financial statements with signatures of legal representative, principal in charge of accounting and head of accounting department.
	Original auditors' report with the seal and signatures of accounting firm and CPAs.
	Announcements and documents disclosed during the reporting period.

‌Section I Definition I. Definition

In this report, unless the context otherwise indicated, the following terms are defined as below:

Definitions of frequently used diction
CSRC	Refers to	China Securities Regulatory Commission
SSE	Refers to	Shanghai Stock Exchange
Shanghai SASAC	Refers to	Shanghai State-owned Assets Supervision and Administration Commission
Company, the Company, the Group, SAIC Group, SAIC Motor	Refers to	SAIC Motor Corporation Limited
SAIC (Group)	Refers to	Shanghai Automotive Industry (Group) Co., Ltd.
SAIC Volkswagen	Refers to	SAIC Volkswagen Automotive Co., Ltd.
SAIC GM	Refers to	SAIC General Motors Co., Ltd.
SAIC Passenger Vehicle, Passenger Vehicle Branch	Refers to	SAIC Motor Corporation Limited Passenger Vehicle Branch
SRIH	Refers to	SAIC MOTOR R&D INNOVATION HEADQUARTERS
SGMW	Refers to	SAIC GM Wuling Co., Ltd.
SAIC MAXUS	Refers to	SAIC MAXUS Vehicle Co., Ltd.
IM Motors	Refers to	IM Motors Co., Ltd.
Rising Auto	Refers to	Rising Auto Technology Co., Ltd.
Shanghai Sunwin	Refers to	Shanghai Sunwin Bus Co., Ltd.
SAIC HONGYAN	Refers to	SAIC HONGYAN Automobile Co., Ltd.
Nanjing Iveco	Refers to	Nanjing Iveco Automobile Co., Ltd.
SAIC Motor CP	Refers to	SAIC Motor CP Co., Ltd.
SAIC Indonesia, Wuling Indonesia	Refers to	SAIC-GM-Wuling Motor Indonesia
HASCO Motor, HASCO	Refers to	HUAYU Automotive Systems Co., Ltd.
SNAT	Refers to	Shanghai New Power Automotive Technology Company Limited
SFC, SAIC SFC	Refers to	SAIC Finance Co., Ltd.
SAIC GMAC	Refers to	SAIC GMAC Automotive Finance Co., Ltd.
SAIC Financial Holding	Refers to	Saic Motor Finance Holding Management Co., Ltd.
ANJI Logistics	Refers to	SAIC Anji Logistics Co., Ltd
SAIC International	Refers to	SAIC International Trade Co., Ltd.
Z-one Tech	Refers to	Z-one Technology Co., Ltd.
Overseas Mobility	Refers to	SAIC MOTOR Overseas Intelligent Mobility Technology Co., Ltd.
SHPT	Refers to	Shanghai Hydrogen Propulsion Technology Co., Ltd.
DIAS	Refers to	DIAS Automotive Electronic Systems Co., Ltd.
Fin Shine	Refers to	Shanghai Sail Cloud Technology Co., Ltd.

‌Section II General Information and Major Financial Indicators of the Company

1. Information of the Company

   Name of the Company in Chinese	上海汽车集团股份有限公司
   Abbreviation of the Company in Chinese	上汽集团
   Name of the Company in English	SAIC Motor Corporation Limited
   Abbreviation of the Company in English	SAIC Motor

   Legal representative of the Company

   Mr. Wang Xiao Qiu

2. Contacts

   	Secretary of the Board	Securities affairs representative
   Name	Mr. Chen Xun	Mr. Lu Xiaolong
   Address	No. 489, Weihai Road, Jing'an District, Shanghai, China	No. 489, Weihai Road, Jing'an District, Shanghai, China
   Telephone	[phone]	[phone]
   Fax	[phone]	[phone]
   E-mail	[e-mail]	[e-mail]

3. General information of the Company

   Registered address	Room 509, No. 1 Tower, No. 563 Songtao Road, Pilot Free Trade Zone, Shanghai, China
   Changes in registered address	No change during the reporting period
   Office address	No. 489, Weihai Road, Jing'an District, Shanghai, China
   Post code of office address	200041
   Website	http://www.saicmotor.com
   E-mail	[e-mail]

4. Information disclosure and where the information is available

   Media and website for disclosure of the Company's Annual Report	Shanghai Securities News, China Securities Journal and Securities Times
   CSRC website for disclosure of the Company's Annual Report	http://www.sse.com.cn
   Location where the Company's Annual Report is available	Office of the Board

5. Profile of the Company's shares

   Profile of the Company's shares
   Class of shares	Stock exchange	Short name	Stock code	Former short name
   A shares	Shanghai Stock Exchange	SAIC Motor	600104	Shanghai Automotive

6. Other relevant information

   Information of the accounting firm engaged by the Company (domestic)	Name	PricewaterhouseCoopers Zhong Tian LLP
   	Office address	42nd F, Qiantan Centre, No. 588, Dongyu Road, Pudong New Area, Shanghai
   	Signing CPA	Shen Zhe and Sun Lini

7. Major accounting data and financial indicators in recent three years
   1. Major accounting data

      Unit: RMB

      Major accounting data	2025	2024	Changes (%)	2023
      Total revenue	656,243,812,081.18	627,589,946,567.69	4.57	744,705,132,922.20
      Revenue	646,152,101,889.30	614,074,061,818.13	5.22	726,199,110,369.74
      Total profit	24,909,009,484.08	10,511,115,792.49	136.98	25,973,282,531.85
      Net profit attributable to shareholders of listed companies	10,105,800,270.34	1,666,376,761.07	506.45	14,106,165,142.98
      Net profit attributable to shareholders of listed companies	7,422,891,747.83	-5,409,062,450.09	N/A	10,044,669,854.90

      after deducting non-recurring profit or loss
      Net cash flows from operating activities	34,306,601,905.98	69,267,789,561.24	-50.47	42,334,422,535.36
      	31 December 2025	31 December 2024	Changes (%)	31 December 2023
      Net assets attributable to shareholders of listed companies	298,812,278,173.08	287,840,094,973.12	3.81	286,318,745,625.95
      Total assets	960,207,461,450.69	957,143,417,731.69	0.32	1,006,650,278,661.54

   2. Major financial indicators

      Major financial indicators	2025	2024	Changes (%)	2023
      Basic earnings per share (RMB/Share)	0.885	0.145	510.34	1.226
      Diluted earnings per share (RMB/Share)	N/A	N/A	N/A	N/A
      Basic earnings per share after deducting non-recurring profit or loss (RMB/Share)	0.650	-0.472	N/A	0.873
      Weighted average ROE (%)	3.43	0.58	Increased by 2.85 pct	4.98
      Weighted average ROE after deducting non-recurring profit or loss (%)	2.52	-1.88	Increased by 4.40 pct	3.55

      Explanation on major accounting data and financial indicators at the end of the recent three reporting periods

      √Applicable □N/A

      1. In 2025, the Company's total profit, net profit attributable to shareholders of listed companies, net profit attributable to shareholders of listed companies after deducting non-recurring profit or loss, basic earnings per share, basic earnings per share after deducting non-recurring profit or loss increased year on year, mainly due to the following reasons:

         1. Through comprehensive deepening of reforms and extensive expansion in both domestic and international markets, the Company achieved a noticeable increase in the share and market penetration of smart electric vehicles, along with rapid sales growth. At the same time, the Company effectively implemented its "vehicle-component integration" and "industry-finance integration" strategies, resulting in enhanced operational efficiency and effective control over costs and expenses.

         2. The Company's joint venture, SAIC GM, and its holding subsidiaries made provision for asset impairment in 2024, resulting in a significant decrease in the Company's net profit attributable to owners of the parent company for the year ended 31 December 2024.

         3. In 2024, the Company completed the equity transfer as well as capital increase and share expansion of JSW MG Motor India Private Limited, resulting in considerable increase in the Company's non-recurring profit or loss for the year ended 31 December 2024.

      2. Net cash flows from operating activities decreased year-on-year, mainly due to the significant increase in net cash flows from operating activities in manufacturing business that the Company realized by enhancing the retail business and strengthening fund management, as well as the year-on-year decrease in the Company's net cash flows from operating activities resulted from the changes in scale of the automotive financial loan and other businesses operated by the Company's subsidiary, SAIC SFC.

8. Differences in accounting data under China and foreign accounting standards
   1. Differences in net profit and net assets attributable to shareholders of the listed companies where financial statements are disclosed in accordance with International Accounting Standards ("IAS") and China Accounting Standards ("CAS")

      □Applicable √N/A

   2. Differences in net profit and net assets attributable to shareholders of the listed companies where financial statements are disclosed in accordance with foreign accounting standards and CAS

      □Applicable √N/A

   3. Explanation on differences between China and foreign accounting standards:

   □Applicable √N/A

9. Major quarterly financial data for the year 2025

   Unit: RMB

   	Q1 (Jan. to Mar.)	Q2 (Apr. to Jun.)	Q3 (Jul. to Sept.)	Q4 (Oct. to Dec.)
   Total revenue	140,860,138,690.50	158,727,467,670.90	169,402,774,018.99	187,253,431,700.79
   Revenue	137,680,076,791.83	156,656,193,797.69	166,887,589,399.99	184,928,241,899.79
   Net profit attributable to shareholders of listed companies	3,023,194,058.76	2,994,316,014.36	2,083,357,266.67	2,004,932,930.55
   Net profit attributable to shareholders of listed companies after deducting non-recurring profit or loss	2,849,642,548.01	2,581,183,212.82	1,691,595,454.47	300,470,532.53
   Net cash flows from operating activities	3,999,810,506.51	17,037,464,350.82	10,900,831,740.92	2,368,495,307.73

   Note: Net cash flows from operating activities fluctuated significantly quarter-to-quarter, primarily due to substantial variations in the scale of automotive financial loan and other businesses operated by the Company's subsidiary, SAIC SFC, across different quarters.

   Explanation on differences between above quarterly data and disclosed data in periodic reports

   □Applicable √N/A

10. Items and amounts of non-recurring profit or loss

    √Applicable □N/A

    Unit: RMB

    Items of non-recurring profit or loss	2025	Note (if applicable)	2024	2023
    Gains or losses on the disposals of non-current assets, including the written-off portion of the provision for impairment of assets	4,040,777,014.62		5,189,304,793.38	1,472,863,302.37
    Government grants recognized in profit or loss, other than those that are closely related to the Company's ordinary course of business, are in accordance with national policies and regulations, are received in accordance with established standards and have a sustained impact on the Company's profit or loss	1,483,861,957.93		2,705,134,842.06	4,050,408,635.29
    Non-recurring profit or loss of joint ventures	616,739,528.04		945,694,163.32
    Profit or loss arising from changes in fair value of financial assets and financial liabilities held by non-financial enterprises and from disposals of financial assets and financial liabilities, except for effective hedging business related to the Company's ordinary course of business	604,032,710.59		52,048,625.43	46,310,347.47
    Income from investments in other equity instruments	103,978,003.65		25,195,075.91	7,989,798.56
    Profit or loss on entrusted loans	23,773,802.42		23,176,735.26	22,238,945.89

    Reversal of provision for impairment of receivables tested for impairment on an individual basis	291,412,981.17		113,633,333.38	25,611,883.02
    Income from the difference between the investment costs of acquisition of subsidiaries, associates and joint ventures and share in the net fair value of the identifiable assets of the investee when investing			193,728,098.48
    Profit or loss on debt restructuring	18,840,017.13		7,034,313.53
    Other non-operating income and expenses other than the above	-647,595,357.05		-114,553,712.75	-220,484,566.39
    Less: Effect of income tax	666,471,926.83		1,670,456,221.76	580,163,559.94
    Effect of minority interests (net of tax)	3,186,440,209.16		394,500,835.08	763,279,498.19
    Total	2,682,908,522.51		7,075,439,211.16	4,061,495,288.08

    The Company shall explain about the recognition of non-recurring profit or loss that are not listed in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 - Non-recurring Profit or Loss as non-recurring profit or loss with significant amounts and the recognition of non-recurring profit or loss listed in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No. 1 - Non-recurring Profit or Loss as recurring profit or loss.

    □Applicable √N/A

11. Companies with equity incentive or employee stock ownership plans may choose to disclose net profit after deducting the impact of share-based payment

    □Applicable √N/A

12. Items measured at fair value

    √Applicable □N/A

    Unit: RMB

    Items	Opening balance	Ending balance	Changes	Effect on profits of the current period
    Financial assets held for trading	62,278,094,659.45	71,403,768,508.62	9,125,673,849.17	5,753,983,872.78
    Financing receivables	14,978,554,937.76	20,691,102,093.56	5,712,547,155.80
    Other current assets - Inter-bank deposits	26,754,653,300.00	50,676,813,731.00	23,922,160,431.00
    Other debt investments	627,084,958.34	10,520,870.00	-616,564,088.34
    Investments in other equity instruments	18,265,078,591.61	19,958,786,759.94	1,693,708,168.33
    Other non-current financial assets	26,546,676,077.58	27,029,272,611.75	482,596,534.17	876,021,946.02
    Financial liabilities held for trading	14,769,175.60	39,284,557.99	24,515,382.39	-24,515,382.39
    Other non-current liabilities	100,000,000.00	100,000,000.00
    Total	149,564,911,700.34	189,909,549,132.86	40,344,637,432.52	6,605,490,436.41

13. Others

□Applicable √N/A

‌Section III Management Discussion and Analysis

1. Industry in which the Company operates during the reporting period

   In 2025, facing the challenges of intensified market competition and accelerated technological change, the Company resolutely deepened reforms and fully committed to market expansion. It achieved annual sales volume of 4.507 million vehicles, a year-on-year increase of 12.3%, with a market share of 13.1%, up 0.3 pct year-on-year. In particular, the sales volume of self-owned brand vehicles reached 2.928 million vehicles, up 21.6% year-on-year, accounting for 65% of the Company's total sales, an increase

   of approximately 5 pct year-on-year. The sales volume of new energy vehicles totaled 1.643 million vehicles, up 33.1% year-on-year, outperforming the average growth of the national new energy vehicle market by nearly 5 pct. Export and overseas market sales volume reached 1.071 million vehicles, up 3.1% year-on-year, reinforcing the Company's key role in the global expansion of Chinese automotive brands.

   1. Accelerating the development of self-owned brand vehicle business. Firstly, deepen the integrated management of self-owned passenger vehicle business. Guided by market and user demands, the Company drove organizational restructuring and process optimization, further integrating the entire chain from product definition, design and R&D to marketing, thereby accelerating market responsiveness. Secondly, implement flattened management of commercial vehicle business. The Company dismissed the Department of Commercial Vehicle, and integrated its functions to SAIC MAXUS, thereby reducing management layers and decision-making procedures. The Company focused on its core light commercial vehicle products, actively expanding into new energy commercial vehicle and overseas commercial vehicle markets. Thirdly, join hand with Huawei to launch the "SAIC SHANGJIE" brand. After a strategic cooperation agreement was entered into in February, the first product, SAIC SHANGJIE H5, was launched in late September. Since then, SAIC SHANGJIE H5 has quickly become a mainstream product in the RMB 150,000-200,000 vehicle market in China.

   2. Focusing on operation quality improvement to refine the business system. Firstly, accelerate "capacity adjustment". SAIC Volkswagen and SAIC GM optimized their production base layouts, and reallocated freed-up capacity to manufacture self-owned brand products such as "SAIC SHANGJIE", striving to enhance capacity utilization and reduce operating costs. Secondly, strengthen "loss reduction". Through analysis, differentiated strategies, and decisive actions, the Company continuously reduced the number of loss-making companies. Thirdly, accelerate "risk mitigation". SAIC MAXUS accumulatively withdrew from nearly 100 directly-operated stores, continuously optimizing its network channels to improve efficiency. Meanwhile, SAIC HONGYAN's judicial reorganization plan was approved by the court and put into implementation.

   3. Consolidating and enhancing the comprehensive advantages of the industry chain. Firstly, the Company integrated resources across its intelligent electric components businesses to accelerate the industrial application of technologies such as all-solid battery and integrated intelligent chassis. Secondly, expand overseas logistics. ANJI Logistics currently operates 21 deep-sea roll-on/roll-off vessels, continuously strengthening its end-to-end international logistics capabilities. Thirdly, develop smart travel. Dedicated lines have been launched for commercial operation of "driver-less" Robotaxi. Fourthly, deepen industry-finance integration. Focused on its core operations, the Company has developed a platform for integration of industry and investment. By advancing treasury construction and setting up a captive insurance company, the Company strived to strengthen risk-prevention capabilities across the industry chain, thereby further extending, completing, and reinforcing the industry chain.

   4. Deepening the reform of personnel management system. Firstly, further advance the personnel management system featuring merit-based mobility. At the corporate level, open competition for management positions was vigorously enforced; while at the headquarters level, mid-level management personnel who fail to meet performance assessment targets were subject to position reassignment and corresponding salary adjustment. Secondly, accelerate the selection and appointment of young management personnel. Among the mid-level management personnel newly appointed, the proportion of young management personnel was significantly increased. Thirdly, optimize performance assessment and incentive mechanisms. The Company implemented quarterly performance assessment for 7 key vehicle companies and awarded project incentives to teams such as the MG4 project team. Furthermore, the Company granted the titles of "SAIC Chief Expert" and "SAIC Distinguished Expert" to 13 leading technical talents in its inaugural recognition, thereby motivating management personnel and general employees to pursue higher objectives and create greater value.

      Explanation on new major non-main operations during the reporting period

      □Applicable √N/A

2. Industry in which the Company operates during the reporting period

   In 2025, driven by the "Two New" policies and the accelerating global expansion of automakers, China's automotive industry continued to demonstrate strong development resilience and vitality. According to data from the China Association of Automobile Manufacturers, the cumulative production and sales of China's automotive industry for the whole year reached 34.531 million and 34.40 million

   vehicles respectively, increasing by 10.4% and 9.4% year-on-year. These figures exceeded initial projections for the year, reaffirming China's position as the global leader in automotive production and sales and setting a new historical record. In particular, the passenger vehicle market demonstrated steady growth, with sales increasing by 9.2% year-on-year, solidifying its role as a key stabilizer in driving consumption. The commercial vehicle market also showed a notable recovery, with sales rising by 10.9% year-on-year, surpassing the 4-million-unit mark. New energy vehicles maintained rapid growth, with sales up 28.2% year-on-year, accounting for over 50% of total domestic new vehicle sales for the year. New energy vehicles became the dominant force in China's automotive market. Furthermore, automotive exports demonstrated strong resilience, reaching over 7 million vehicles for the first time, with new energy vehicle exports serving as a robust contributor to China's foreign trade growth. However, amid intensified domestic market competition and rising international trade barriers, the profitability of China's automotive industry continued to face downward pressure. In response, the government has introduced a series of policies and measures to comprehensively address "excessive" competition. While strengthening self-regulation, automotive companies are actively adjusting their operational models and profit structures, striving to drive transformation through innovation and enhance global competitiveness, thereby promoting high-quality and sustainable development of the industry.

3. Discussion and analysis of operations

   During the reporting period, the Company comprehensively advanced its reform initiatives with a focus on the vehicle business, optimizing its business structure and capitalizing on structural market opportunities. The Company prioritized the accelerated development of its self-owned brands while driving the strategic transformation of its joint-venture operations. At the same time, the Company intensified efforts in core technology development, strengthened its industrial ecosystem, consolidated its global business foundations, and elevated its overall competitiveness. Additionally, the Company enhanced synergies across businesses including parts and components, mobility and services, and finance to stabilize the value added to products and support the Company's overall transformation. Throughout the year, the Company's consolidated revenue totaled RMB 656.24 billion, up 4.6% year-on-year. The net profit attributable to shareholders of the listed companies reached RMB 10.11 billion, a year-on-year growth of 506.5%. The net profit attributable to shareholders of listed companies after deducting non-recurring profit or loss was RMB 7.42 billion, an increase of 237.2% year-on-year. This financial performance demonstrated that the Company's operations stabilized at a baseline and showed clear signs of accelerating recovery.

   1. Proactively seize opportunities to forge ahead in emerging sectors. The Company's self-owned brands have launched a series of new energy vehicle models, including the brand new MG4, Roewe M7, SAIC H5, the brand-new IM LS6 and LS9, Wuling Bingo S, and Maxus Dana, continuously amplifying the impact of the policy of "trading in vehicles for new ones". Throughout the year, the Company achieved nearly 50% growth in sales of new energy vehicles under its self-owned brands. SAIC Volkswagen and SAIC GM strengthened resource synergies with self-owned brands and leveraged local R&D capabilities to launch mid-to-high-end intelligent electric vehicle models such as Audi E5 and Buick Electra L7, accelerating the pace of transformation and renewal.

   2. Collaborate to expand into new overseas markets. Despite challenges such as heightened international trade barriers, the Company expanded its overseas presence by introducing multiple HEV models. The MG brand achieved sales volume of over 300,000 vehicles in the European market, establishing itself as the best-selling Chinese brand in Europe. Meanwhile, the MG brand ranked among the top ten in passenger vehicle sales in 18 countries across regions including Australia-New Zealand, the Middle East, Latin America, and Southeast Asia. SGMW deepened its integrated strategy in Indonesia, Malaysia, and Thailand, increasing the share of new energy vehicle production and sales at its Indonesian base to 80%. The IM brand successfully launched the IM5 and IM6 models in markets such as Thailand, the UK, and Australia. Additionally, SAIC's commercial vehicle products, including light commercial vehicles and pickup trucks, achieved robust growth in key markets such as Europe, Australia, and Latin America. Simultaneously, the Company actively advanced localized production by establishment contract factories and CKD overseas.

   3. Cultivate and expand new quality productive forces. Advanced technologies including the "Stellar" Super Range Extender and the "Gecko" Chassis 2.0 have been put into mass production and integrated into vehicles, achieving a technological standard that leads the industry. The Company actively

      participated in the development of Shanghai's "Advanced Autonomous Driving Pilot Zone" and was granted the demonstration operation license for a new batch of intelligent connected vehicles in Shanghai. It became the only company in the industry to obtain dual licenses for both passenger vehicle and commercial vehicle operations. The Robotaxi 3.0 has officially entered a new phase of commercial operation, capable of achieving fully autonomous driving without human intervention throughout the entire journey. The Company advanced the research, development, and application of solid batteries and auto chips. It achieved the industry-first integration and mass deployment of second-generation semi-solid battery technology in the brand new MG4. The pilot production line for all-solid batteries was officially completed, with core technical metrics such as low-temperature range and battery safety leading the industry. Concurrently, the adoption rate of domestically produced chips in SAIC's vehicles exceeded 30%, accelerating the development and validation of models using fully domestic chips.

   4. Continuously deepen marketing innovation and transformation. Based on the launch of the brand new MG4, the Company established 120 pop-up stores in 86 cities, adopting a "lightweight customer acquisition" approach to drive high-efficiency conversion at 4S stores. Concurrently, the Company established an management dashboard and a new vehicle traffic tracking system to achieve closed-loop management from traffic acquisition to sales conversion. Besides, the Company also leveraged AI tools to enhance order conversion rate. In addition, the Company collaborated with platforms such as Douyin and Xiaohongshu to engage in in-depth content co-creation, significantly boosting online interaction and reach across its brands.

   5. Establish new synergistic advantages across business segments. Through synergistic collaboration among segments including parts and components, finance, and mobility and services, the Company continued to provide robust support to its vehicle business. The Company advanced the layout of core smart electric technologies in the segment of parts and components, integrating high-quality resources to accelerate the industrial application of technologies such as solid battery and intelligent chassis. For the finance segment, the Company strengthened the refined development of automotive finance services, actively supported new businesses such as the SAIC, and accelerated the expansion of overseas financial services. In the mobility and services segment, the Company focused on supporting its vehicle business. During the reporting period, ANJI Logistics launched 8 new roll-on/roll-off vessels, further enhancing the shipping capacity of routes to South America, Europe, etc.

4. Analysis on core competitiveness during the reporting period

   √Applicable □N/A

   First, the profound background of the industrial chain system. Being among the first batch of automotive groups to embark on "joint venture car manufacturing" after China's reform and opening up, the Company has established a complete and reliable R&D, manufacturing and marketing system. The Company stands out not only for a strong supply chain system guarantee, user base, distribution network and auto finance service support capabilities in China, but also for being the first to exploit oversea market with its complete and scaled auto industry chain. Through continuous improvement of the layout of overseas vehicle manufacturing bases, the Company has established over 3,000 overseas marketing and service outlets, providing high-quality, diverse and sustainable products and services to consumers in more than 170 countries and regions around the world.

   Second, the leading technological layout in the innovation chain. Upholding its user-centric philosophy of "understanding cars and understanding you", the Company continuously increases investment in the fields of electrification and intelligence, covering the three major vehicle platforms, i.e. pure electric, hybrid, and hydrogen energy, as well as the "seven technology bases", i.e. battery, electric drive, super hybrid system (SHS), and intelligent vehicle full-stack solutions. The Company has been the first to achieve mass production of the semi-solid battery, the "Galaxy" full-stack intelligent vehicle solution, and the vehicle central coordinated motion control platform, among other industry-leading technologies. The Company continues to advance the upgrade and application of cutting-edge technologies, including all-solid battery, high-level intelligent driving, integrated lightweight intelligent chassis, and AI-powered intelligent cabin. By integrating cross-domain engineering in "chips, hardware platforms, software platforms, data, and algorithms", and leveraging AI technology, the Company is dedicated to creating intelligent mobility terminals that offer users an integrated cabin experience capable of reasoning, cognition, and emotional intelligence.

   Third, the open cooperation in ecological chain resources. Always adhering to the principle of open cooperation and win-win development, the Company focuses on intelligent, green, and integrated

   development while actively exploring and advancing the "Joint Venture 2.0" model to help joint ventures transform themselves. By building a platform for integration of industry and investment, the Company works with global partners to build an industrial ecosystem in areas such as the construction of the new energy industry chain, the research and application of intelligent vehicles, artificial intelligence algorithms, chip design and manufacturing, network and data security, and the digital industrial ecosystem. The purpose is to continuously enhance the resilience of both industry and supply chains, and collaboratively promote the high-quality development of the automotive industry.

5. Operations in the reporting period

During the reporting period, the Company achieved total revenue of RMB 656.244 billion, an increase of 4.57% year-on-year, net profit attributable to shareholders of listed companies of RMB 10.106 billion, an increase of 506.45% year-on-year, and weighted average ROE of 3.43%, an increase of 2.85 pct compared with the previous year.

1. Analysis on main operations
   1. Analysis on changes in relevant accounts in income statement and cash flow statement

      Unit: RMB

      Accounts	2025	2024	Changes (%)
      Revenue	646,152,101,889.30	614,074,061,818.13	5.22
      Cost of sales	580,943,983,649.41	556,450,036,686.44	4.40
      Interest costs	1,124,352,721.48	1,981,767,545.96	-43.27
      Selling expenses	20,898,005,550.00	20,080,258,315.83	4.07
      General and administrative expenses	22,453,286,690.11	21,108,125,732.22	6.37
      Financial expenses	-265,824,180.92	3,054,077,070.48	-108.70
      Research and development expenses	18,104,061,919.77	17,649,893,105.21	2.57
      Investment income	13,432,644,620.92	7,177,645,440.57	87.15
      Profit from changes in fair value	6,605,490,436.41	2,355,521,579.73	180.43
      Credit impairment losses	-1,091,063,095.93	-3,965,874,339.93	-72.49
      Asset impairment losses	-5,682,389,059.31	-3,163,758,019.61	79.61
      Non-operating expenses	1,125,649,581.19	564,350,666.53	99.46
      Income tax expenses	7,465,085,641.62	4,677,794,462.18	59.59
      Net cash flows from operating activities	34,306,601,905.98	69,267,789,561.24	-50.47
      Net cash flows from investing activities	-27,561,161,950.79	-3,503,392,907.79	N/A
      Net cash flows from financing activities	-53,218,400,555.93	-9,312,171,110.35	N/A

      Explanation on changes in interest costs: Mainly due to the year-on-year decrease in the interest costs of the Company's subsidiary, SAIC SFC.

      Explanation on changes in financial expenses: Mainly due to the year-on-year increase in the Company's exchange gains.

      Explanation on changes in investment income: Mainly due to the year-on-year increase in the Company's share of profit of associates and joint ventures.

      Explanation on changes in profit from changes in fair value: Mainly due to the year-on-year increase in the changes in the fair value of the Company's financial assets

      Explanation on changes in credit impairment losses: Mainly due to the year-on-year decrease in the accruals for losses on bad debts of receivables by the Company's subsidiaries

      Explanation on changes in asset impairment losses: Mainly due to the year-on-year increase in the Company's accruals for impairment losses on fixed assets.

      Explanation on changes in non-operating expenses: Mainly due to the year-on-year increase in the Company's compensation to suppliers for the year.

      Explanation on changes in income tax expenses: Mainly due to that the Company's subsidiaries, adhering to the principle of prudence, reversed the deductible temporary differences that were not expected to be realized in the future, and recognized them in income tax expenses.

      Explanation on changes in net cash flows from operating activities: Mainly due to the significant increase in net cash flows from operating activities in manufacturing business that the Company realized by enhancing the retail business and strengthening fund management, as well as the year-on-year decrease in the Company's net cash flows from operating activities resulted from the changes in scale of the automotive financial loan and other businesses operated by the Company's subsidiary, SAIC SFC. Explanation on changes in net cash flows from investing activities: Mainly due to the adjustment of the allocation of financial assets by the Company's subsidiary, SFC, based on the business requirements for the year, and the cash paid for investments has a year-on-year increase.

      Explanation on changes in net cash flows from financing activities: Mainly due to the year-on-year increase in the Company's cash payments for debt repayment for the year.

      Details of significant changes in business type, composition or sources of profit of the Company in the current period

      □Applicable √N/A

   2. Income and cost analysis

      √Applicable □N/A

      The details are as follows:

      1. Analysis on main operations by industry, product, geographical region and sales mode

         Unit: RMB

         Main operations by industry
         By industry	Revenue	Cost of sales	Gross margin ratio (%)	Changes in revenue (%)	Changes in cost of sales (%)	Changes in gross margin ratio (%)
         Auto manufacturing	646,152,101,889.30	580,943,983,649.41	10.09	5.22	4.40	Increased by 0.71 pct
         Finance	10,091,710,191.88	1,163,322,101.92	88.47	-25.33	-42.04	Increased by 3.32 pct
         Total	656,243,812,081.18	582,107,305,751.33	11.30	4.57	4.23	Increased by 0.28 pct
         Main operations by product
         By product	Revenue	Cost of sales	Gross margin ratio (%)	Changes in revenue (%)	Changes in cost of sales (%)	Changes in gross margin ratio (%)
         Vehicles	410,196,473,001.11	392,545,642,811.16	4.30	7.59	7.10	Increased by 0.44 pct
         Auto parts	203,019,866,775.26	164,149,718,120.28	19.15	6.47	4.87	Increased by 1.24 pct
         Service and others	32,935,762,112.94	24,248,622,717.97	26.38	-21.83	-27.36	Increased by 5.61 pct
         Finance	10,091,710,191.88	1,163,322,101.92	88.47	-25.33	-42.04	Increased by 3.32 pct
         Total	656,243,812,081.18	582,107,305,751.33	11.30	4.57	4.23	Increased by 0.28 pct
         Main operations by region
         By region	Revenue	Cost of sales	Gross margin ratio (%)	Changes in revenue (%)	Changes in cost of sales (%)	Changes in gross margin ratio (%)
         China	504,138,835,950.64	449,593,517,326.14	10.82	1.64	1.79	Decreased by 0.13 pct
         Others (Note)	152,104,976,130.54	132,513,788,425.19	12.88	15.60	13.50	Increased by 1.61 pct
         Total	656,243,812,081.18	582,107,305,751.33	11.30	4.57	4.23	Increased by 0.28 pct

         Note: This year, the Company included the export sales of SGMW in other regions for calculation. Changes in relevant metrics are calculated on a comparable basis.

      2. Analysis on production and sales

         √Applicable □N/A

         Main products	Unit	Production	Sales	Inventories	Changes in production (%)	Changes in sales (%)	Changes in inventories (%)
         SAIC Volkswagen Automotive Co., Ltd.	Vehicles	1,057,605	1,024,000	47,321	-7.81	-10.81	233.32
         SAIC General Motors Co., Ltd.	Vehicles	534,026	535,000	10,989	26.63	22.99	-8.33
         SAIC Motor Corporation Limited Passenger Vehicle Branch	Vehicles	885,448	886,742	10,144	25.17	25.42	-13.74
         SAIC GM Wuling Co., Ltd.	Vehicles	1,671,013	1,615,066	90,269	23.58	20.52	163.01
         SAIC MAXUS Vehicle Co., Ltd.	Vehicles	223,531	222,286	13,995	23.99	25.14	9.76
         IM Motors Co., Ltd.	Vehicles	85,884	81,017	5,824	31.34	23.68	1,035.28
         SAIC Motor CP Co., Ltd.	Vehicles	30,048	29,391	5,909	36.15	13.26	12.49

         SAIC-GM-Wuling Motor Indonesia	Vehicles	21,121	21,016	1,723	-11.22	-13.31	6.49
         JSW MG Motor India Private Limited	Vehicles	70,351	69,997	1,559	19.30	17.76	21.99
         Others	Vehicles	22,935	23,003	1,263	-20.55	-23.47	-5.18
         Total	Vehicles	4,601,962	4,507,518	188,996	14.82	12.32	98.92

         Explanation on production and sales

         Others mainly include Shanghai Sunwin Bus Co., Ltd., SAIC HONGYAN Automobile Co., Ltd. and Nanjing Iveco Automobile Co., Ltd.

      3. Implementation of significant purchase and sales contracts

         □Applicable √N/A

      4. Cost analysis

         Unit: RMB

         By industry
         By industry	Cost items	Amount in the current period	Proportion to total costs (%)	Amount in the prior period	Proportion to total costs (%)	Changes (%)
         Auto manufacturing	Raw materials, labor salaries and wages, depreciation, energy, etc.	580,943,983,649.41	99.80	556,450,036,686.44	99.64	4.40
         Finance	Labor salaries and wages, depreciation, energy, etc.	1,163,322,101.92	0.20	2,006,973,587.57	0.36	-42.04
         Total		582,107,305,751.33	100.00	558,457,010,274.01	100.00	4.23
         By product
         By product	Cost items	Amount in the current period	Proportion to total costs (%)	Amount in the prior period	Proportion to total costs (%)	Changes (%)
         Vehicles	Raw materials, labor salaries and wages, depreciation, energy, etc.	392,545,642,811.16	67.43	366,534,174,722.96	65.63	7.10
         Auto parts	Raw materials, labor salaries and wages, depreciation, energy, etc.	164,149,718,120.28	28.20	156,532,375,412.29	28.03	4.87
         Service and others	Raw materials, labor salaries and wages, depreciation, energy, etc.	24,248,622,717.97	4.17	33,383,486,551.19	5.98	-27.36
         Finance	Labor salaries and wages, depreciation, energy, etc.	1,163,322,101.92	0.20	2,006,973,587.57	0.36	-42.04
         Total		582,107,305,751.33	100.00	558,457,010,274.01	100.00	4.23

      5. Changes in consolidation scope due to changes in equity of major subsidiaries during the reporting period

         √Applicable □N/A

         For details, refer to Section VIII, (IX) in this report.

      6. Major changes or adjustments in the Company's business, products or services during the reporting period

         □Applicable √N/A

      7. Major customers and suppliers
         1. Major customers and suppliers of the Company

            √Applicable □N/A

            Sales of the top five customers amounted to RMB 75,458.2115 million, accounting for 11.68% of the annual total sales. Among the top five customers, sales from related parties amounted to RMB 0 million, accounting for 0% of the total annual sales.

            Purchase from the top five suppliers amounted to RMB 214,966.6381 million, accounting for 37% of the total annual purchase. Among the top five suppliers, purchase from related parties amounted to RMB 4,593.8923 million, accounting for 0.79% of the total annual purchase.

         2. Situations where the proportion of sales to a single customer exceeded 50% of the total sales, and there were new customers among the top 5 customers or high dependency on a few customers during the reporting period

            □Applicable √N/A

            Situations where the proportion of purchase from a single supplier exceeded 50% of the total purchase, and there were new suppliers among the top 5 suppliers or high dependency on a few suppliers during the reporting period

            □Applicable √N/A

         3. During the reporting period, the Company's shares subject to delisting risk alerts or other risk alerts

            Top five customers

            □Applicable √N/A

            Top five suppliers

            □Applicable √N/A

         4. During the reporting period, the Company recorded revenue from trading business

      √Applicable □N/A

      Unit: RMB

      Trading business	Revenue in the current period	Revenue in the prior period	Changes (%)
      Primarily export of automotive chips and relevant auto parts during the reporting period.	206,508,725.66	684,512,856.82	-69.83

      Top five customers with trading business accounting for over 10% of revenue

      □Applicable √N/A

      Top five suppliers with trading business accounting for over 10% of revenue

      □Applicable √N/A

   3. Expenses

      √Applicable □N/A

      Unit: RMB

      Item	2025	2024	Changes (%)
      Selling expenses	20,898,005,550.00	20,080,258,315.83	4.07
      General and administrative expenses	22,453,286,690.11	21,108,125,732.22	6.37

      Research and development expenses	18,104,061,919.77	17,649,893,105.21	2.57
      Financial expenses	-265,824,180.92	3,054,077,070.48	-108.70
      Income tax expenses	7,465,085,641.62	4,677,794,462.18	59.59

      Note:

      1. The changes in financial expenses compared with the same period last year were mainly due to the year-on-year increase in the Company's exchange gains.

      2. The changes in income tax expenses compared with the same period last year were mainly due to that the Company's subsidiaries, adhering to the principle of prudence, reversed the deductible temporary differences that were not expected to be realized in the future, and recognized them in income tax expenses.

   4. R&D expenditures
      1. R&D expenditures

         √Applicable □N/A

         Unit: RMB

         R&D expenditures expensed in the current period	18,104,061,919.77
         R&D expenditures capitalized in the current period	3,601,975,827.30
         Total R&D expenditures	21,706,037,747.07
         Proportion of R&D expenditures to revenue (%)	3.36
         Proportion of capitalization of R&D expenditures (%)	16.59

         Note: In 2025, the aggregate R&D investment of the Group including its major joint venture vehicle enterprises was RMB 33,580.1853 million.

      2. R&D personnel

         √Applicable □N/A

         Number of R&D personnel in the Company	30,329
         Proportion of R&D personnel to the total employees in the Company (%)	17.6
         Education background of R&D personnel
         Category	Number
         Postgraduate and above	11,325
         Bachelor and below	19,004
         Age of R&D personnel
         Category	Number
         Below 35 years old (including 35 years old)	18,195
         35 to 45 years old (excluding 35 years old, including 45 years old)	9,301
         Over 45 years old	2,833

      3. Explanation

         √Applicable □N/A

         SAIC Motor focuses on the fields of new energy vehicles and intelligent vehicles, striving to drive breakthroughs for its own brands while expanding market share in new energy products and overseas markets. By investing significantly in R&D of core technologies for new energy vehicles, and accelerating the rollout of intelligent new energy vehicle models, the Company strives to enhance the competitiveness of its self-owned brands in the domestic market and achieve sustained and rapid growth in overseas markets.

         During the process, the Company has established three major vehicle platforms, i.e. pure electric, hybrid, and hydrogen energy, as well as the "seven technology bases", i.e. battery, electric drive, super hybrid system (SHS), and intelligent vehicle full-stack solutions. The Company has been the first to achieve mass production of the semi-solid battery, the "Galaxy" full-stack intelligent vehicle solution, and the vehicle central coordinated motion control platform, among other industry-leading technologies. The Company continues to advance the upgrade and application of cutting-edge technologies, including all-solid battery, high-level intelligent driving, integrated lightweight intelligent chassis, and AI-powered intelligent cabin. By integrating cross-domain engineering in "chips, hardware platforms, software platforms, data, and algorithms", and leveraging AI technology, the Company is dedicated to creating intelligent mobility terminals that offer users an integrated cabin experience capable of reasoning, cognition, and emotional intelligence.

      4. Reasons for significant changes in the composition of R&D personnel and the impact on the development of the Company in the future

      □Applicable √N/A

   5. Cash flows

      √Applicable □N/A

      Unit: RMB

      Item	2025	2024	Changes (%)
      Net cash flows from operating activities	34,306,601,905.98	69,267,789,561.24	-50.47
      Net cash flows from investing activities	-27,561,161,950.79	-3,503,392,907.79	N/A
      Net cash flows from financing activities	-53,218,400,555.93	-9,312,171,110.35	N/A

      Note: Analysis on changes in cash flows is set out in the analysis on changes in relevant accounts in the income statement and the cash flow statement.

2. Explanation on significant changes in profit arising from non-main operations

   □Applicable √N/A

3. Analysis on assets and liabilities

   √Applicable □N/A

   1. Assets and liabilities

      Unit: RMB

      Items	Ending balance in 2025	Proportion of ending balance in 2025 to total assets (%)	Ending balance in 2024	Proportion of ending balance in 2024 to total assets (%)	Changes (%)
      Financing receivables	20,691,102,093.56	2.15	14,978,554,937.76	1.56	38.14
      Interest receivable	353,510,355.84	0.04	1,994,718,706.47	0.21	-82.28
      Dividends receivable	3,016,961,161.51	0.31	1,837,388,304.82	0.19	64.20
      Financial assets purchased under agreements to resell	42,193,828,490.27	4.39	6,292,602,589.91	0.66	570.53
      Other current assets	93,900,703,605.47	9.78	67,139,720,011.10	7.01	39.86
      Debt investments	18,043,205,525.58	1.88	12,862,102,846.02	1.34	40.28
      Development expenditures	2,939,462,774.96	0.31	4,418,946,155.91	0.46	-33.48
      Other non-current assets	3,873,235,421.24	0.40	7,257,487,137.78	0.76	-46.63
      Contract liabilities	30,289,840,573.78	3.15	22,094,884,549.59	2.31	37.09
      Other current liabilities	2,217,808,351.69	0.23	3,849,512,690.65	0.40	-42.39

      Long-term borrowings	14,597,681,963.88	1.52	36,138,470,377.08	3.78	-59.61
      Long-term payables	1,717,646,526.00	0.18	1,150,021,568.14	0.12	49.36

      Other explanations:

      1. Financing receivables increased by 38.14% compared with the ending balance of the previous period, mainly due to the increase in the bank acceptance notes of the Company based on business needs.

      2. Interest receivable decreased by 82.28% compared with the ending balance of the previous period, mainly due to the year-on-year decrease in the interest on cash at bank receivable caused by the Company's structural adjustments to cash at bank in the current period.

      3. Dividends receivable increased by 64.20% compared with the ending balance of the previous period, mainly due to the year-on-year increase in the declared but undistributed dividends receivable from joint ventures in the current period.

      4. Financial assets purchased under agreements to resell increased by 570.53% compared with the ending balance of the previous period, mainly due to the increase in the allocation of assets for repurchase by the Company's subsidiary, SAIC SFC.

      5. Other current assets increased by 39.86% compared with the ending balance of the previous period, mainly due to the year-on-year increase in the inter-bank deposits to be settled within one year of the Company's subsidiary, SAIC SFC.

      6. Debt investments increased by 40.28% compared with the ending balance of the previous period, mainly due to the year-on-year increase in the time deposits due beyond one year.

      7. Development expenditures decreased by 33.48% compared with the ending balance of the previous period, mainly due to the year-on-year increase in the intangible assets transferred from development project upon completion.

      8. Other non-current assets decreased by 46.63% compared with the ending balance of the previous period, mainly due to the derecognition of assets with continuing involvement caused by the ABS expiration of the Company's subsidiary, SAIC GMAC.

      9. Contract liabilities increased by 37.09% compared with the ending balance of the previous period, mainly due to the year-on-year increase in the payments for vehicles received in advance from dealers by the Company's subsidiaries.

      10. Other current liabilities decreased by 42.39% compared with the ending balance of the previous period, mainly due to the large amount of capital contribution received in advance by the Company's subsidiaries in 2024.

      11. Long-term borrowings decreased by 59.61% compared with the ending balance of the previous period, mainly due to the repayment of bank loans by the Company in the current year.

      12. Long-term payables increased by 49.36% compared with the ending balance of the previous period, mainly due to the increase in the guarantees deposited by the dealers of the Company's subsidiary, Shanghai Dongzheng Automotive Finance Co., Ltd.

   2. Overseas assets

      √Applicable □N/A

      1. Asset size

         Including: Overseas assets of RMB 102,621,646,760.47（Unit: RMB RMB), accounting for 10.69% of the total assets

      2. Explanation on the relatively high proportion of overseas assets

      □Applicable √N/A

   3. Restriction of significant assets as at the end of the reporting period

      √Applicable □N/A

      Refer to Note (VII）33 for details.

   4. Other explanations

      □Applicable √N/A

4. Analysis on operation data in the industry

   √Applicable □N/A

   The details are as follows:

   Analysis on operation data for auto manufacturing
   1. Production capacity

      √Applicable □N/A

      Existing production capacity

      √Applicable □N/A

      Unit: 10 thousand vehicles

      Major plants	Designed production capacity	Production capacity in the reporting period	Utilization rate (%)
      SAIC Volkswagen Automotive Co., Ltd.	192.0	105.8	55
      SAIC General Motors Co., Ltd.	145.2	53.4	37
      SAIC Motor Corporation Limited Passenger Vehicle Branch	116.0	88.5	76
      SAIC GM Wuling Co., Ltd.	176.0	167.1	95
      SAIC MAXUS Vehicle Co., Ltd.	37.5	22.4	60
      SAIC Motor CP Co., Ltd.	7.2	3.0	42
      SAIC-GM-Wuling Motor Indonesia	6.0	2.1	35
      JSW MG Motor India Private Limited	5.6	7.0	126
      Others (Note)	13.7	2.3	17

      Note: Others mainly include Shanghai Sunwin Bus Co., Ltd., SAIC HONGYAN Automobile Co., Ltd. and Nanjing Iveco Automobile Co., Ltd.

      Capacity under construction

      □Applicable √N/A

      Capacity calculation criteria

      √Applicable □N/A

      The calculation of designed production capacity is on the basis of 250 working days per year, and 16 working hours per day, namely 4,000 working hours for one year. "Production capacity in the reporting period" refers to actual production in the reporting period; utilization rate is the actual production in the reporting period divided by designed production capacity.

   2. Sales and production of vehicles

      √Applicable □N/A

      By vehicle type

      √Applicable □N/A

      	Sales (Vehicles)			Production (Vehicles)
      Categories	2025	2024	Changes (%)	2025	2024	Changes
      Basic passenger vehicle	2,175,039	2,019,811	7.69	2,222,164	2,009,712	10.57
      Sports utility vehicle (SUV)	1,303,095	1,155,054	12.82	1,328,384	1,146,178	15.90
      Multi purpose vehicle (MPV)	337,749	249,946	35.13	334,093	257,786	29.60
      Cross passenger vehicle	254,168	204,041	24.57	264,153	208,109	26.93
      Bus	114,247	92,932	22.94	113,478	93,089	21.90
      Truck	323,220	291,216	10.99	339,690	292,978	15.94

      Total

      4,507,518

      4,013,000

      12.32

      4,601,962

      4,007,852

      14.82

      By region

      √Applicable □N/A

      	Sales in domestic market (Vehicles)			Sales in overseas market (Vehicles)
      Categories	2025	2024	Changes (%)	2025	2024	Changes
      Basic passenger vehicle	1,745,822	1,602,138	8.97	429,217	417,673	2.76
      Sports utility vehicle (SUV)	789,912	645,747	22.33	513,183	509,307	0.76
      Multi purpose vehicle (MPV)	318,560	234,214	36.01	19,189	15,732	21.97
      Cross passenger vehicle	225,468	175,735	28.30	28,700	28,306	1.39
      Bus	89,249	75,428	18.32	24,998	17,504	42.81
      Truck	267,957	241,249	11.07	55,263	49,967	10.60
      Total	3,436,968	2,974,511	15.55	1,070,550	1,038,489	3.09

   3. Sales and production of auto parts

      √Applicable □N/A

      The Company's business of auto parts is mainly operated by HASCO, (stock code: 600741), a subsidiary controlled by the Company. For details of its business in 2025, refer to its annual report 2025 published on https://www.sse.com.cn by HASCO (600741).

      By part

      □Applicable √N/A

      By market

      □Applicable √N/A

   4. New energy vehicles business

      √Applicable □N/A

      Production capacity of new energy vehicles

      √Applicable □N/A

      Major plants	Designed production capacity (Vehicles)	Production capacity in the reporting period (Vehicles)	Utilization rate (%)
      SAIC Volkswagen Automotive Co., Ltd.	-	68,002	-
      Including: SAIC Volkswagen MEB Plant	240,000	34,464	14
      SAIC General Motors Co., Ltd.	-	91,037	-
      SAIC Motor Corporation Limited Passenger Vehicle Branch	-	272,418	-
      SAIC GM Wuling Co., Ltd.	-	1,000,551	-
      SAIC MAXUS Vehicle Co., Ltd.	-	65,618	-
      IM Motors Co., Ltd.	-	85,884	-
      SAIC Motor CP Co., Ltd.	-	20,703	-
      JSW MG Motor India Private Limited	-	60,992	-
      SAIC-GM-Wuling Motor Indonesia	-	14,336	-
      Others	-	3,919	-

      Note 1: Except for SAIC Volkswagen MEB Plant, the Company's other new energy products are manufactured on the same line and share production capacity with traditional ICE vehicles. The Company can adjust the two types of products in line with market conditions and implement flexible production.

      Note 2: Others mainly include Shanghai Sunwin Bus Co., Ltd., SAIC HONGYAN Automobile Co., Ltd. and Nanjing Iveco Automobile Co., Ltd.

      Sales and production of new energy vehicles

      √Applicable □N/A

      	Sales (Vehicles)			Production (Vehicles)
      Categories	2025	2024	Changes	2025	2024	Changes
      Passenger vehicle	1,481,504	1,139,255	30.04	1,520,384	1,146,193	32.65
      Commercial vehicle	161,505	94,821	70.33	163,076	98,968	64.78
      Total	1,643,009	1,234,076	33.14	1,683,460	1,245,161	35.20

      Income and subsidy of new energy vehicles

      √Applicable □N/A

      Unit: RMB 10 Thousand

      Categories	Revenue	Subsidy for new energy vehicles	Proportion of subsidy to revenue (%)
      Passenger vehicle	11,921,125	0	0%
      Commercial vehicle	1,431,094	0	0%

   5. Automotive finance

      √Applicable □N/A

      Automotive finance

      √Applicable □N/A

      Unit: RMB 100 million

      Name of subsidiary			SAIC Finance Co., Ltd.
      General information
      Registered capital		Total assets	Net assets	Revenue	Operating profit	Net profit
      153.80		2,092.82	536.11	60.76	52.08	42.70
      Major operating indicators
      Amount of loans		Number of loans		Balance of loans		Credit impairment losses
      1,189.69		1,052,187		403.48		15.91
      Major regulatory indicators
      Core tier-1 capital adequacy ratio (%)	Tier-1 capital adequacy ratio (%)	Capital adequacy ratio (%)	NPL ratio (%)	Provision coverage (%)	Loan provision ratio (%)	Liquidity ratio (%)
      29.67	29.67	30.53	1.0613	371.56	3.94	264.29

      Name of subsidiary		SAIC GMAC Automotive Finance Co., Ltd.
      General information
      Registered capital	Total assets	Net assets	Revenue	Operating profit	Net profit
      92.00	490.15	198.41	30.70	16.85	12.04
      Major operating indicators
      Amount of loans		Number of loans	Balance of loans		Credit impairment losses

      950.16		622,042		383.79		15.42
      Major regulatory indicators
      Core tier-1 capital adequacy ratio (%)	Tier-1 capital adequacy ratio (%)	Capital adequacy ratio (%)	NPL ratio (%)	Provision coverage (%)	Loan provision ratio (%)	Liquidity ratio (%)
      27.62	27.62	28.7	1.04	384.91	4.02	151.58

      Name of subsidiary			Shanghai Dongzheng Automotive Finance Co., Ltd.
      General information
      Registered capital		Total assets	Net assets	Revenue	Operating profit	Net profit
      21.40		195.61	37.86	4.56	-0.53	1.05
      Major operating indicators
      Amount of loans		Number of loans		Balance of loans		Credit impairment losses
      296.35		353,626		155.58		2.31
      Major regulatory indicators
      Core tier-1 capital adequacy ratio (%)	Tier-1 capital adequacy ratio (%)	Capital adequacy ratio (%)	NPL ratio (%)	Provision coverage (%)	Loan provision ratio (%)	Liquidity ratio (%)
      17.16	17.16	19.04	0.49	648.52	3.16	424.00

      Five-Level categories of loan classification

      √Applicable □N/A

      Unit: RMB 100 million

      	SAIC Finance Co., Ltd.		SAIC GMAC Automotive Finance Co., Ltd.		Shanghai Dongzheng Automotive Finance Co., Ltd.
      Items	Amount	Proportion (%)	Amount	Proportion (%)	Amount	Proportion (%)
      Normal	394.48	97.77	371.92	96.91	153.13	98.42
      Attention	4.71	1.17	7.87	2.05	1.69	1.09
      Subprime	2.43	0.60	1.34	0.35	0.17	0.11
      Doubtful	0.45	0.11	0.97	0.25	0.27	0.17
      Loss	1.40	0.35	1.70	0.44	0.32	0.21
      Total	403.47	100.00	383.79	100.00	155.58	100.00

   6. Other explanations

      □Applicable √N/A

5. Investment analysis General analysis on equity investments

   √Applicable □N/A

   The Company is an auto manufacturing enterprise with an extensive business layout and various types of investments. At the end of the reporting period, the ending balance of the Company's long-term equity investments was RMB 56.585 billion, decreased by RMB 3.779 billion or 6.26% compared with opening balance. Details of investments are set out in the notes in this report.

   1. Significant equity investments

      □Applicable √N/A

   2. Significant non-equity investments

      □Applicable √N/A

   3. Financial assets at fair value

      √Applicable □N/A

      Unit: RMB

      Category of assets	Opening balance	Profit or loss from changes in fair value in 2025	Accumulated changes in fair value included in equity	Impairment provided in 2025	Purchase in 2025	Disposals/ Redemption in 2025	Other changes	Ending balance
      Financial assets held for trading	62,278,094,659.45	5,753,983,872.78			106,534,980,240.39	-103,582,467,664.92	419,177,400.92	71,403,768,508.62
      Financing receivables	14,978,554,937.76		-926,230.03		91,092,706,251.38	-85,377,387,785.55	-1,845,080.00	20,691,102,093.56
      Other current assets - Inter-bank deposits	26,754,653,300.00		-38,613,071.96		50,698,816,763.60	-26,684,246,669.13	-53,796,591.51	50,676,813,731.00
      Other debt investments	627,084,958.34		76,327.85			-616,640,416.19		10,520,870.00
      Investments in other equity instruments	18,265,078,591.61		2,250,528,671.69			-434,747,716.93	-122,072,786.43	19,958,786,759.94
      Other non-current financial assets	26,546,676,077.58	876,021,946.02			2,074,815,416.70	-2,468,240,828.55		27,029,272,611.75
      Total	149,450,142,524.74	6,630,005,818.80	2,211,065,697.55		250,401,318,672.07	-219,163,731,081.27	241,462,942.98	189,770,264,574.87

      Investments in securities

      √Applicable □N/A

      Unit: RMB million

      Securities type	Securities code	Securities abbreviation	Initial investment cost	Source of funds	Opening balance of carrying amount	Profit or loss from changes in fair value in 2025	Accumulated changes in fair value included in equity	Purchase in 2025	Disposals in 2025	Income or losses from investment s in 2025	Ending balance of carrying amount	Accounting item
      Stocks	600036	CMB	3,681.19	Own funds	12,187.94		868.36				13,056.30	Investments in other equity instruments
      Stocks	301219	Teng Yuan Cobalt	250.00	Own funds	115.85	54.49			187.73	17.39		Financial assets held for trading
      Stocks	688347	Hua Hong Semiconductor Limited	100.00	Own funds	36.58	-0.04			44.07	7.53		Financial assets held for trading
      Stocks	688295	Zhongfu Shenying	49.75	Own funds	33.81	16.11			40.22	4.93	14.63	Financial assets held for trading
      Stocks	301221	Kotei Informatics	150.67	Own funds	0.00	14.12		150.67			164.79	Financial assets held for trading
      Total	/	/	4,231.61	/	12,374.18	84.68	868.36	150.67	272.02	29.85	13,235.72	/

      Explanation on investments in securities

      √Applicable □N/A

      1. The above are securities directly invested by SAIC Motor Corporation Limited.

      2. Value-added tax ("VAT") has been deducted from the investment income column in the current period.

      Investments in private equity

      √Applicable □N/A

      1. Qingdao SAIC Innovation and Upgrading Industry Equity Investment Fund Partnership (L.P.) ("Qingdao SAIC Innovation Fund")

         1. Establishment or expansion of the fund: Qingdao SAIC Innovation Fund was established on 12 January 2021. In order to explore the opportunities brought by industrial restructuring and innovation, and to deepen the layout in the field of new energy and intelligent connectivity, in May 2022, the Company made an additional contribution of RMB 7.5 billion to the fund and completed the change of the filing on 11 May 2022. The fund focuses on the investment field of auto industry chain and related fields, including but not limited to new energy, intelligent connectivity, sharing, intelligent manufacturing and new materials. The total capital contribution of the fund after the additional contribution was RMB 13.5495 billion, of which SAIC Motor contributed RMB 13.5 billion, holding 99.63% of equity, SAIC Financial Holding contributed RMB 45 million, holding 0.33% of equity, Shangqi Capital contributed RMB 2.25 million, holding 0.02% of equity, and Hengxu Capital contributed RMB 2.25 million, holding 0.02% of equity.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 13.339 billion, investing in 23 projects and 6 sub funds, with a total contribution of RMB 13.339 billion.

      2. Jiaxing SAIC Chuangyong Equity Investment Partnership (Limited Partnership) ("Jiaxing SAIC Chuangyong Fund")

         1. Establishment or expansion of the fund: Jiaxing SAIC Chuangyong Fund was established on 23 June 2022 and completed the filing on 13 July 2022. The initial contribution size was RMB 3 billion, among which SAIC Financial Holding contributed RMB 2.95 billion, holding 98.3333% of equity, SAIC Venture Capital contributed RMB 48 million, holding 1.6000% of equity, Shangqi Capital contributed RMB 1 million, holding 0.0333% of equity, and Hengxu Capital contributed RMB 1 million, holding 0.0333% of equity. The fund mainly invested in sub funds and direct investment projects, focusing on areas including "carbon peaking and carbon neutrality", intelligent connectivity, auto electronics, advanced manufacturing, new materials, semiconductors, multiple extensions of the auto industry such as metaverse and information technology application innovation industry, and moderate layout of innovative business.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 2.63 billion, investing in 40 projects and 3 sub funds, with a total contribution of RMB 2.63 billion.

      3. Shandong Shangqi Shangao New Power Equity Investment Fund Partnership (Limited Partnership) ("Shangao Fund")

         1. Establishment or expansion of the fund: Shangao Fund was established on 8 June 2022 and completed the filing on 7 July 2022. The initial contribution size was RMB 0.807 billion, among which Shandong Hi-Speed Group contributed RMB 399 million, holding 49.4424% of equity, SNAT contributed RMB 199 million, holding 24.6592% of equity, SAIC Financial Holding contributed RMB 199 million, holding 24.6592% of equity, Shanghai Qisu Business contributed RMB 8 million, holding 0.9913% of equity, Shandong High-Speed Beiyin Investment contributed RMB 1 million, holding 0.1239% of equity, and Shangqi Capital contributed RMB 1 million, holding 0.1239% of equity. The fund focused on the auto industry chain, with emphasis on direct investment projects in the field of auto new energy (including drive motors and power batteries), hydrogen fuel cell industry chain, engine aftertreatment, aided driving and autopilot, auto electronics and semiconductors, and new auto materials.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 0.807 billion, investing in 16 projects, with a total contribution of RMB 0.741 billion.

      4. Nanjing Junhongtianyin Equity Investment Partnership (Limited Partnership) ("Nanjing Junhongtianyin Fund")

         1. Establishment or expansion of the fund: Nanjing Junhongtianyin Fund was established on 28 September 2022 and completed the filing on 1 November 2022. The initial contribution size was RMB 1.551 billion, among which SAIC Financial Holding contributed RMB 1,400 million, holding 90.26% of equity, Jiangning High Tech Fund contributed RMB 150 million, holding 9.67% of equity, and Nanjing Hengyishang contributed RMB 1 million, holding 0.06% of equity. The fund was the link fund of Suzhou Shenqilina Green Equity Investment Partnership (Limited Partnership) ("Hengxu Green Mobility Fund"), which contributed RMB 1.55 billion to Hengxu Green Mobility Fund and held 36.52% of equity. Hengxu Green Mobility Fund was established on 29 November 2022 and completed filing on 8 December 2022. Hengxu Green Mobility Fund mainly invested in fields of green transportation, clean energy, energy saving and emission reduction, advanced manufacturing, frontier technology, big consumption and big health.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 4.033 billion, investing in 46 projects, with a total contribution of RMB 3.363 billion.

      5. Henan Shangqi Huirong Shangcheng No. 1 Industrial Fund Partnership (Limited Partnership) ("Shangqi Shangcheng No.1 Fund")

         1. Establishment or expansion of the fund: Shangqi Shangcheng No. 1 Fund was established on 9 March 2023 and completed the filing on 31 March 2023. In October 2023, to further enhance the Company's expansion and flexibility in the auto industry layout, the Company's subsidiaries, SAIC Financial Holding and SNAT, together with Guofu Navigation, Lianming Shares, Qiqian Consulting and others, participated in the expansion of the fund. In light of the overall capital

            arrangement of the investors themselves, the final committed capital scale of the fund in 2024 was adjusted to RMB 4.2125 billion and all actual capital contributions were completed. SAIC Financial Holding contributed RMB 1.33 billion, holding 31.57% of equity; Henan Strategic Emerging Industry Investment Fund contributed RMB 0.6 billion, holding 14.24% of equity; Jiangxi Modern Industry Guidance Fund contributed RMB 0.3 billion, holding 7.12% of equity; Chongqing Yufu Capital contributed RMB 0.3 billion, holding 7.12% of equity; Guofu Navigation contributed RMB 0.3 billion, holding 7.12% of equity; SNAT contributed RMB 0.2 billion, holding 4.75% of equity; Zhejiang Qingzhan Industry contributed RMB 0.2 billion, holding 4.75% of equity; HASCO Motor contributed RMB 0.17 billion, holding 4.04% of equity; Donghua Automotive contributed RMB 0.17 billion, holding 4.04% of equity; China United Automotive contributed RMB 0.15 billion, holding 3.56% of equity; Jiangxi State-owned Capital Operation Holding Group Co., Ltd. contributed RMB 0.15 billion, holding 3.56% of equity; Qingdao Huizhu Talent Industry Investment Fund contributed RMB 0.1 billion, holding 2.37% of equity; Shandong Land-sea-port City Construction Phase I contributed 70 million, holding 1.66% of equity; Taikang Investment contributed RMB 50 million, holding 1.19% of equity; Anhui Guoyuan Trust contributed RMB 49.9 million, holding 1.18% of equity; Lianming Shares contributed RMB 30 million, holding 0.71% of equity; Qiqian Consulting contributed RMB 41.6 million, holding 0.99% of equity; Shangqi Capital contributed RMB 1 million, holding 0.02% of equity. The fund focuses on auto electronics, semiconductors, new energy, and industry chain extension and related fields, exploring sub-sectors such as autonomous driving, intelligent cabins, low-carbon transportation, and semiconductors and information security related to the industry chain.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 4.213 billion, investing in 65 projects, with a total contribution of RMB 3.591 billion.

      6. Jiaxing Chuangqi Venture Capital Partnership (Limited Partnership) ("Jiaxing Chuangqi Fund")

         1. Establishment or expansion of the fund: Jiaxing Chuangqi Fund was established on 10 May 2023 and completed the filing on 29 May 2023. The initial contribution size was RMB 5 billion, among which SAIC Changzhou Innovation Development Fund contributed RMB 4.999 billion, holding 99.98% of equity and Shangqi Capital contributed RMB 1 million, holding 0.02% of equity. The fund mainly invests in high-quality enterprises related to the innovation and development of the auto industry chain.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 1.971 billion, investing in 1 project, with a total contribution of RMB 1.97 billion.

      7. Shanghai SAIC Xinju Venture Capital Partnership (Limited Partnership) ("Shanghai SAIC Xinju Fund")

         1. Establishment or expansion of the fund: Shanghai SAIC Xinju Fund was established on 7 July 2023 and completed the filing on 1 August 2023. The initial contribution size was RMB 6.012 billion, among which SAIC Motor contributed RMB 6 billion, holding 99.80% of equity, SAIC Financial Holding contributed RMB 10 million, holding 0.166% of equity, Hengxu Capital contributed RMB 1 million, holding 0.017% of equity, and Shangqi Capital contributed RMB 1 million, holding 0.017% of equity. The fund will invest in sub funds and direct investment projects, focusing on key technology products related to chips in the upstream of the semiconductor industry chain (such as equipment, materials, EDA and parts), design enterprises, contract factories, and driven by auto intelligence, electrification, and connectivity, especially investment opportunities related to auto chips.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 0.321 billion, investing in 2 projects, with a total contribution of RMB 0.318 billion.

      8. Shanghai SAIC Chuangyuan Venture Capital Partnership (Limited Partnership) ("Shanghai SAIC Chuangyuan Fund")

         1. Establishment or expansion of the fund: Shanghai SAIC Chuangyuan Fund was established on 3 April 2024 and completed the filing on 26 April 2024. The initial contribution size was RMB 6.004 billion, of which SAIC Financial Holding contributed RMB 5.8 billion, holding 96.6023% of equity, SAIC Venture Capital contributed RMB 0.2 billion, holding 3.3311% of equity, Shangqi Capital contributed RMB 2 million, holding 0.0333% of equity, and Hengxu Capital contributed RMB 2 million, holding 0.0333% of equity. The fund mainly invested in auto industry chain and related fields, focusing on "carbon peaking and carbon neutrality", intelligent connectivity, auto electronics, advanced manufacturing, new materials, multiple extensions of the auto industry such as intelligent robots and automotive software ecosystem.

         2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 1.404 billion, investing in 19 projects and 6 sub funds, with a total contribution of RMB 1.358 billion.

      9. Ningbo Yongyuanjuansheng Equity Investment Partnership (Limited Partnership) ("Ningbo Yongyuanjuansheng Fund")

      1. Establishment or expansion of the fund: Ningbo Yongyuanjuansheng Fund was established on 11 December 2025 and completed the filing on 5 January 2026. The initial contribution size was RMB 1.09 billion, among which SAIC Financial Holding contributed RMB 0.27 billion, holding 24.77% of equity, Caitong Capital contributed RMB 0.2 billion, holding 18.35% of equity, Ningbo Yongyuan contributed RMB 0.2 billion, holding 18.35% of equity, Yuyao Shunxin contributed RMB

         0.3 billion, holding 27.52% of equity, Guotai Junan Zhengyu contributed RMB 0.1 billion, holding 9.17% of equity, Shanghai Hengyihao contributed RMB 0.01 billion, holding 0.92% of equity, and Hengxu Capital contributed RMB 0.01 billion, holding 0.92% of equity. The fund's investment focus is aligned with the development of new quality productive forces, with priority given to the intelligent electric vehicle industry ecosystem and its upstream and downstream technology-intensive manufacturing sectors.

      2. Operation and progress of the fund: As at 31 December 2025, the total paid-in capital of the fund was RMB 0.495 billion, and no investments were carried out.

      Derivative investments

      √Applicable □N/A

      1. Derivative investments for hedging purposes during the reporting period

         √Applicable □N/A

         Unit: RMB 10 Thousand

         Derivative investment type	Initial investment	Opening balance of carrying amount	Profit or loss from changes in fair value in 2025	Accumulated changes in fair value included in equity	Amount purchased in the reporting period	Amount disposed in the reporting period	Ending balance of carrying amount	Proportion of carrying amount to the Company's net assets at the end of the reporting period (%)
         Forward foreign exchange settlement and sales			432.77
         Total			432.77

         Explanation on the accounting policies and specific accounting principles for hedging business during the reporting period, as well as whether there were significant changes compared to the previous reporting period	N/A
         Explanation on actual profit or loss during the reporting period	In order to effectively avoid and prevent foreign exchange risk and reduce the impact of foreign exchange fluctuations on the Company's operations, the Company enters into forward foreign exchange settlement and sales business. During the reporting period, the Company realized a delivery income of RMB 4.3277 million from the forward foreign exchange settlement and sales.
         Explanation on hedging effectiveness	The Company's foreign exchange forward hedging business is based on actual foreign exchange receipts and payments and is used to hedge costs and protect against the foreign exchange fluctuation risk. The gains or losses on the foreign exchange forward contracts fully hedged the changes in the value of the hedged exposure caused by exchange rate fluctuations and the overall hedging effectiveness met expectations.
         Source of funds for derivative investments	Own funds
         Explanation on risk analysis and control measures for derivative holdings during the reporting period (including but not limited to market risk, liquidity risk, credit risk, operational risk and legal risk)	1. Market risk: The Company's foreign exchange forward trading products are all simple foreign exchange derivatives closely related to the basic business, and are consistent with the basic business in terms of variety, size, direction and maturity. They seek only to hedge risk exposure and do not engage in any form or substance of speculative trading. The Company adheres to the principle of prudence and steadiness in foreign exchange risk management. 2. Liquidity risk: In actual operations, the deterioration of sales may lead to an inability to collect payments on a timely basis, resulting in the liquidity risk of a lack of funds for derivative transactions. The hedging limit of most of the domestic and overseas entities in which the Company invests is set within a certain proportion of the corresponding risk exposure. Therefore, if some accounts receivable cannot be collected on time, there will be no liquidity risk for hedging transactions. In addition, enterprises participating in domestic and foreign derivative transactions will also improve the management of receivables and actively collect accounts receivable to avoid or reduce the overdue. If accounts receivable become overdue, the corresponding derivative transactions are extended in a timely manner. 3. Credit risk: The Company only engages in foreign exchange forward business with qualified domestic and foreign financial institutions that have stable operations and good credit ratings, SAIC SFC and SAIC HK International Finance Ltd. 4. Operational, legal, and other risks: The Company has formulated the related internal control systems such as the Management of Financial Derivatives in accordance with relevant laws, regulations and related standard documents, which standardize the business operation and approval process of financial derivatives. The relevant internal control systems or derivative business of each enterprise have been approved by the relevant authorities.
         Changes in the market prices or fair values of derivatives invested in during	N/A

         the reporting period, and the analysis of the fair value of derivatives should disclose the specific methodologies used and the assumptions and parameters
         Lawsuits (if applicable)
         Announcement disclosure date of the Board for approval of derivative investments (if any)	30 April 2025
         Announcement disclosure date of the shareholders' meeting for approval of derivative investments (if any)	28 June 2025

      2. Derivative investments for speculative purposes during the reporting period

      □Applicable √N/A

      Other explanations:

      The Company's 2024 General Meeting of Shareholders reviewed and approved the Proposal on Foreign Exchange Derivative Trading Business in 2025, which stipulated that the scope of derivative transactions included foreign exchange forwards, foreign exchange swaps and cross-currency swaps, the limit of derivative transactions was USD 7.1 billion or other equivalent foreign currencies, and the term of derivative transactions matched with the term of the transactions of underlying assets, generally not exceeding 12 months.

      The enterprises conducted business in accordance with the approved limit. As at 31 December 2025, there were no cases in which the limit was exceeded. The balance of the limit at the end of December 2025 was USD 0.82 billion or other equivalent foreign currencies. Foreign exchange forward business was conducted, the term of which matched with the term of the transactions of underlying assets or the term of the exposure being hedged and was not exceeding 12 months.

   4. Specific progress of significant asset reconstructing and integration during the reporting period

      √Applicable □N/A

      For details regarding the reorganization of SAIC HONGYAN, please refer to the 2025 annual report published by SNAT on the Shanghai Stock Exchange (https://www.sse.com.cn).

6. Disposals of significant assets and equity

   □Applicable √N/A

   SAIC Motor Corporation Limited Annual Report 2025

7. Analysis on major holding companies and invested companies

√Applicable □N/A

Major subsidiaries and invested companies affecting the Company's net profit by 10% or more

√Applicable □N/A

Unit: RMB 10 Thousand

Name of companies	Type of company	Main business	Registered capital	Total assets	Net assets attributable to the parent company of the Company	Total revenue	Operating profit	Net profit attributable to the parent company of the Company
HASCO	Subsidiary	Manufacturing and sales of auto parts	315,272	19,918,645.09	6,714,457.33	18,399,890.05	943,418.20	720,726.81
SNAT	Subsidiary	Manufacturing and sales of diesel engines and spare parts	138,782.18	1,075,095.65	638,118.32	573,954.10	293,719.80	287,200.46
IM Motors	Subsidiary	Manufacturing and sales of new energy vehicles	1,400,997.60	2,297,331.28	211,367.08	1,541,140.76	-359,798.69	-359,815.59
SAIC MAXUS	Subsidiary	Manufacturing and sales of vehicles	1,032,911.00	2,606,631.03	225,613.89	2,533,685.67	-160,815.73	-161,123.82
SAIC SFC	Subsidiary	Financial services	1,538,000.00	25,421,723.32	5,848,599.88	946,887.95	525,072.96	316,901.15
China United Automotive System Co., Ltd.	Subsidiary	Production, operation and R&D of automotive electronics	60,062.00	1,043,506.75	1,042,237.01	2,969.63	257,576.98	257,045.24
Shanghai Qimeng Enterprise Management Partnership (Limited Partnership)	Subsidiary	Investment and consulting services	800,400.00	801,994.16	801,994.16	0.00	509,478.12	509,478.12

Subsidiaries acquired and disposed during the reporting period

√Applicable □N/A

Name of companies	Methods for acquisition and disposal of subsidiaries during the reporting period	Impact on overall production, operation and performance
SAIC HONGYAN Automobile Co., Ltd.	Bankruptcy reorganization	For details regarding the reorganization of SAIC HONGYAN, please refer to the 2025 annual report published by SNAT on the Shanghai Stock Exchange (https://www.sse.com.cn).
Huaxiang Sundermann (Shanghai) Automotive Systems Co., Ltd.	Equity contribution	Huayu Automotive Systems (Shanghai) Co., Ltd. ("Huayu Shanghai") contributed its 100.00% equity interests in Huaxiang Sundermann (Shanxi) Automotive Systems Co., Ltd. ("Huaxiang Sundermann Shanxi") valued at RMB 183,907.5 thousand, while Shanxi Huaxiang Group Co., Ltd. contributed RMB 429,117.5 thousand in cash. Upon completion of the transaction, Huayu Shanghai holds 30.00% equity interests in Huaxiang Sundermann Shanghai and no longer directly holds any equity interests in Huaxiang Sundermann Shanxi.
Shanghai Dazhong Allied Auto-Refitting Co., Ltd.	Equity transfer	The Company transferred its 100% equity interests in its former subsidiary, Shanghai Dazhong Allied Auto-Refitting Co., Ltd. ("Dazhong Allied Auto-Refitting") to Shanghai Dazhong Allied Developing Co., Ltd. at a consideration of RMB 21,000,000.00. Following the completion of the above transaction, the Company lost control over Dazhong Allied Auto-Refitting and consequently ceased to include it in the consolidation scope.
Shanghai Motor Vehicle Recycling Service Center	Equity transfer	The Company transferred its 51% equity interests in its former subsidiary, Shanghai Motor Vehicle Recycling Service Center ("Service Center") to Shanghai Longqun Trading (Group) Co., Ltd. at a consideration of RMB 13,800,000.00. Following the